NM: Fiscal cliff may jeopardize state’s budget

DANGER AHEAD: No one is certain what will happen if Congress doesn’t reach a debt and tax deal.

SANTA FE — The good news for New Mexico taxpayers and lawmakers shaping the state’s budget?

The December estimate of revenue came out Monday and has been revised upward from August by $55 million, with $210 million in “new money.”

The bad news? We’ve got 28 days and counting for Republicans and Democrats in Washington, D.C., to avoid the so-called “fiscal cliff”. If they don’t, budgeting for New Mexico is basically anyone’s guess.

“It’s a major concern,” committee co-chairman Luciano “Lucky” Varela, D-Santa Fe, told Capitol Report New Mexico. “So in (the upcoming state) budget, we have taken some cautious recommendations in terms of federal funding.”